The Central Bank of Kenya (CBK) has licensed 12 new digital lenders, with the country now having 22 licensed digital credit providers.

The newly licensed lenders include Tala, M-Kopa, Tenakata and Zanifu, The National newspaper reported.

However, 359 digital credit providers have not been licensed since March 2022.

"Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation," the CBK stated, urging the applicants to submit the pending documents to complete the application review.

Additionally, the CBK has engaged other regulators, such as the Office of the Data Protection Commissioner, with the licensing process.

The apex bank also seeks to ensure that customers' interests are safeguarded due to the growing concerns over the predatory practices of the unregulated digital credit providers.

(Editing by Seban Scaria